The National Company Law Appellate Tribunal (NCLAT), Chennai, has set aside the approval given to MGM Healthcare managing director M.K. Rajagopalan for making a ₹423-crore bid to take over Appu Hotels Ltd.. Appu Hotels owns and operates Le Meridien in Chennai and Coimbatore.
Last year, The National Company Law Tribunal (NCLT), Chennai, had approved the bid under the insolvency and bankruptcy process. Against this, Periasamy Palani Gounder (promoter & erstwhile director) of Appu Hotels Ltd. and other related parties moved the NCLAT.
In an order on Thursday, NCLAT asked the committee of creditors to consider the settlement proposal putforth by the erstwhile promoter, sources said.
In 2020, the NCLT admitted an insolvency petition against Appu Hotels in a case filed by the Tourism Finance Corporation of India Ltd.
